FOR IMMEDIATE RELEASE:
November 9, 2012

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
402-471-5604
David Dearmont, Ph.D., Chief Economist
402-471-5700

GENERAL FUND RECEIPTS —OCTOBER 2012

LINCOLN — October Gross Receipts: Tax Commissioner Doug Ewald reported Friday that gross General Fund receipts for October were $273 million, which is 0.8% below the certified forecast of $275 million.

• Gross Sales and Use:
    2.3% below forecast
• Gross Individual Income:
    5.6% above forecast
• Gross Corporate Income:
  17.4% above forecast
• Gross Miscellaneous:
  57.0% below forecast

October Tax Refunds: Tax refunds for October were $45 million, which is 3.5% below the certified forecast of $46 million.

October Net Receipts: Net receipts for October were $228 million, which is 0.2% below the certified forecast of $229 million.

• Net Sales and Use:
    4.5% below forecast
• Net Individual Income:
    5.3% above forecast
• Net Corporate Income:
  69.8% above forecast
• Net Miscellaneous:
  56.9% below forecast

Fiscal Year Net Receipts: Net General Fund receipts for fiscal year 2012-2013 were $1.2 billion, which is 3.1% above the certified forecast of $1.1 billion.

• Net Sales and Use:
    0.1% above forecast
• Net Individual Income:
    6.3% above forecast
• Net Corporate Income:
  11.6% above forecast
• Net Miscellaneous:
    8.0% below forecast

The comparisons in this report are based on the revised forecast made by the Nebraska Economic Forecasting Advisory Board (Board) on February 24, 2012. This forecast was adjusted for legislation passed in 2012, divided into monthly estimates, and certified to the Clerk of the Legislature by the Tax Commissioner and Legislative Fiscal Analyst on July 16, 2012. On October 26, 2012, the Board met and revised the forecast for the current year upward by $57.9 million. By law, only downward revisions to the forecast are certified, so the comparisons made in this release are still based on the forecast certified on July 16, 2012.

Previous monthly press releases are at www.revenue.nebraska.gov/research/gen_fund.html.

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APPROVED:
Douglas A. Ewald
Tax Commissioner

DEPARTMENT OF REVENUE

Policy Division
Comparison of Actual and Projected General Fund Receipts for Fiscal Year 2012-2013*

 

TOTAL
ACTUAL NET
RECEIPTS

TOTAL
PROJECTED
NET RECEIPTS**
DIFFERENCE

PERCENT
DIFFERENCE

CUMULATIVE
ACTUAL NET
RECEIPTS

CUMULATIVE
PROJECTED
NET RECEIPTS**

CUMULATIVE
DIFFERENCE

CUMULATIVE
PERCENT
DIFFERENCE

July
$221,623,977
$210,031,000
$11,592,977
5.5
$221,623,977
$210,031,000
$11,592,977
5.5
August
334,866,833
338,862,000
-3,995,167
-1.2
556,490,810
548,893,000
7,597,810
1.4
September 393,941,658 365,444,000 28,517,658 7.8 950,432,468 914,337,000 36,115,468 3.9
October 228,084,028 228,569,000 -484,972 -0.2 1,178,516,496 1,142,906,000 35,610,496 3.1

Comparison of Actual and Projected General Fund Receipts by Tax Type
for October 2012 and Cumulative Fiscal Year 2012-2013*

  OCTOBER
ACTUAL
OCTOBER
PROJECTED**
DIFFERENCE PERCENT
DIFFERENCE
CUMULATIVE
ACTUAL
CUMULATIVE
PROJECTED**
CUMULATIVE
DIFFERENCE
CUMULATIVE
PERCENT
DIFFERENCE
GROSS RECEIPTS
Sales & Use Tax
$157,314,283
$161,015,000
-$3,700,717
-2.3
$  651,886,196
$  638,946,000
$12,940,196
2.0
Ind. Income Tax
91,588,857
86,699,000
4,889,857
5.6
586,712,920
553,588,000
33,124,920
6.0
Corp. Income Tax
19,195,393
16,349,000
2,846,393
17.4
81,078,318
78,088,000
2,990,318
3.8
Misc. Taxes
4,616,696
10,736,000
-6,119,304
-57.0
58,034,102
63,182,000
-5,147,898
-8.1
Total Gross
$272,715,229 $274,799,000 -$2,083,771 -0.8 $1,377,711,535 $1,333,802,000 $43,909,535 3.3
REFUNDS
Total Refunds
$44,631,201 $46,230,000 -$1,598,799 -3.5 $199,195,039 $190,897,000 $8,298,039 4.3
NET RECEIPTS
Sales & Use Tax
$122,738,910
$128,576,000
-$5,837,090
-4.5
$  495,334,428
$  494,781,000
$   553,428
0.1
Ind. Income Tax
83,090,853
78,887,000
4,203,853
5.3
557,729,920
524,588,000
33,141,920
6.3
Corp. Income Tax
17,638,052
10,385,000
7,253,052
69.8
67,423,494
60,428,000
6,995,494
11.6
Misc. Taxes
4,616,214
10,721,000
-6,104,786
-56.9
58,028,654
63,108,000
-5,079,346
-8.0
Total Net
$228,084,028
$228,569,000
-$  484,972
-0.2

$1,178,516,496

$1,142,906,000
$35,610,496
3.1

*Totals may not add due to rounding.

**The projected amounts used in this comparison were set at the February 24, 2012 meeting of the Nebraska Economic Forecasting Advisory Board and certified on July 16, 2012.